.png)
European Union member states have approved legislation providing for the removal of import duties on a significant share of US goods. Reuters reported the development, citing EU sources.
The decision is part of the trade agreement reached between the EU and the United States last year during negotiations in Scotland. Under the deal, the EU agreed to eliminate tariffs on US industrial goods and grant preferential market access for certain American agricultural and seafood products.
In return, the United States maintained 15% tariffs on most European goods. Earlier, US President Donald Trump warned that significantly higher tariffs could be imposed on European cars and other products if the EU failed to fulfil its commitments by July 4.
Ambassadors from the 27 EU member states have now backed the legislative changes needed to implement the tariff reductions. The document still requires final approval by the European Parliament. A preliminary vote in the relevant parliamentary committee is expected next week, while the full Parliament could adopt the measure in mid-June.
The legislation also includes several safeguard mechanisms requested by EU lawmakers. In particular, it provides for the possibility of terminating the agreement at the end of 2029, as well as granting the European Commission the right to partially suspend the arrangements if the United States fails to uphold its tariff commitments.
This applies in particular to products with high steel and aluminium content — including washing machines, wind turbines, and other goods currently subject to 25% US tariffs.
Brussels stresses that the new rules are intended to ensure more stable and predictable transatlantic trade while also expanding access for US agri-food products to the EU market.
Thus, the adoption of the legislation could become an important step toward easing trade tensions between the EU and the United States, while also increasing competition within the European agricultural market.
PigUA.info based on materials from thepigsite.com